Cutoff of auctioned ordinary share of Surya life stands at Rs 516.75, where the highest bid was received at Rs 600; cutoff of promoter shares stands at Rs 275

Surya Life Insurance Company Limited (SLICL) had opened an auction for its unsold 74,384 units (3,289 units promoters and 71,095 units ordinary) shares till Shrawan 23, 2075.

NIC Asia Capital is the issue manager for the auction of the right shares. According to the officials at privy following information has been received:

Promoter shares

A total of 5 applications were received of which one was the existing promoter. So by rule the promoter got all the shares applied for at Rs 275.

Ordinary shares

A total of 1019 applications were received of which 104 got fully allotted and 1 got partially allotted. The cutoff of the auction stood at Rs 516.75, where the maximum bid was received at Rs 600.

SLICL’s current paid-up capital is Rs 72.18 crore. After the adjustment of 40% right shares, the paid-up capital of the company will reach Rs 1.01 arba. The company has already proposed 12% bonus shares which will increase its capital to Rs 1.13 arba.

Recently, the company has proposed the issuance of 70% right shares which will take its capital to Rs 1.92 arba. After the issuance of 70% right shares, the paid up capital of the life insurance company will reach Rs 1.92 arba and it will need to raise the capital by about Rs 8 crore to meet the minimum capital requirement.